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Energy helps lift Toronto market to 2-1/2-month high

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Canada's main stock index rose on Monday, adding to its recent gains, as higher oil prices boosted energy shares at the start of an earnings-heavy week which also features an interest rate decision by the Federal Reserve.

ended up 34.61 points, or 0.2%, at 20,582.12, its highest closing level since May 9.

"If the Fed continues to raise rates as expected, then no big deal," said Colin Cieszynski​, chief market strategist at SIA Wealth Management in Toronto. "If they don't, then that could have an impact on the U.S. stock market, which could have an indirect impact on Canada." Wall Street's main indexes also climbed on Monday. The Fed's interest rate decision is due on Wednesday.

The Toronto market's energy sector rose 1.7% as oil settled 2.2% higher at $78.74 a barrel. A combination of tightening supply, rising U.S. gasoline demand and hopes for Chinese stimulus measures helped lift oil prices.

 

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